is a practical actIvity of a purely intellec- tual kind; it seeks to reconcile an ab- straction of a mechanical order with a reality of a biological order" Some of his associates asked him if he would clarify this a little, since some recipients of the report might find it rather cryp- tic. Mattio1i replied that those who didn't understand it should simply re- read it until they did. When I remarked on how unusual it was to find a banker who translated poetry, Mattioli's face took on an ex- pression of sardonic merriment, and his voice took on a histrionic resonance. "I see no difference whatever between a poem and a balance sheet," he said. Our conversation was in English, for the most part, but Mattioli, who IS at ease in French and German as well as I tahan, borrowed freely from any of these languages when it suited his pur- pose. His hands were in constant mo- tion as he developed the theme. "At best, each is a work of art, and I approach both in the same way. \Vhen I look at eIther a poem or a balance sheet, I try to see the center of gravity, the focal point. I read and I judge. How are thIngs grouped around the cen- ter? Is there a natural equilibri- um? \Vhat is the weight of the various components? Will the foundations support them? I ask myself these questions whether I am studying a profit-and-Ioss statement, a Shakespeare sonnet, the Gothic structure of the Du- omo, or the fugue at the end of Verdi's 'Falstaff.' One always looks for the source of truth- wasn't it Mommsen who said that? It apphes to history, philoso- phy, poetry-and also to banking, which is a little of everything." Mattioli's face suddenly be- came almost solemn, and, lower- ing his voice, he said, "A banker must always remain in command of money. If he ever permits money to take command of him, t" ',. he's in trouble. And a banker \..e' " should never forget the words of Cardinal Borromeo-that there can be no authority without serv- ice to other people." He paused- it was a c a I cui ate d pause, I thought-and then, smiling iron- ically, continued, "To say that we are at the service of our country is to utter a cliché with a faint trace of self-glorification But, if I may invoke another authority, a banker's work, like a govern- ment's, should be 'of the people, by the people, for the people.' " .- \ MattIoli went on to say that although he deplores the tendency of bankers to calculate all transactions in terms of profit, he does not regard his own ap- proach to questions of finance as a romanticized one. A prominent Wall Street investment banker, he said, had confided that he saw himself in the role of "one empowered to convert dreams into realit} with the help of a little money." Mattioli smiled. "That's not the way I look at it," he assured me. "To me, banking IS an abstract art in an abstract world." More specifically, Mattioli sees the function of a banker as that of a medi- ator between two distinct but inter- dependent economic entities-deposits and loans. This is much more than a simple exercise in arithmetic, because granting credit in effect creates new capital and stimulates the formation of 'Q, . .t ,..... -- '" , '\ ... "" , - " . , -...., " " .... " '- .)0. t" ./R' . /.,;" " ,,- "",- "If< _ t1M1fr I , ,.. '" - ; Ä ,'\ \) ' "> "^' " " . ^'<i, 53 new deposits in the bankIng system; no money is actually drawn out of a depositor's account when a bank uses his savings as the basis of a loan, which may then be in vested in a business that brings in money to other people. "The management of credit is a great re- sponsibility," Mattioli declared. "It's certainly no job for a bureaucrat. It takes imagination, and a thorough un- derstanding of the fact that a bank exists to lend money and that money is lent to be used." For many years, the Banca Commerciale Italiana was known as the bank of big business in Italy-"the licensed breeder of pachy- derms," as Mattioli put it-but in re- cent years the emphasis has been shifted and today the average business loan is only about twenty million lire, or thirty thousand dollars. "Italy's problem of problems is a .. >" , / " ..# ,. M< ^ " - >v. Y',.t ,or) ; I ' , ' ' . . <'- \ 't ', {'\ - \ '?" :t,.,. '<* , --- .' ,. "".. -.... ',. '>>-i........ ... \ · i I ,.. "\ , \ '1 Vi , t , ."', " \. ..../ q ......' - .............- . ' $ -( l' ,.I '" ( l ,; "' , " l' "- "- . f '\( JJJ. ..< , ' ' ": :,' \ \\'3 : j . I \ì.f., 1'1 1:jiC '1 ,\' J I ... t" - iT .,. > J f 'J ,^ i r '. ,' \ - 6, , ,,' t \, \ ,). ,\, f ..;, " it .. 5' * , \" ' . \,,\ "" '. \ ( .'t'.' , t \ i!;' << .... \<!' -*' +, ',( l' ,4 tw_-t< ",,'. .. w .>> J. , I J t . i >> _ l .... t ......f 4 ':" ."j1!" )0 So J. '<' , h '^' I If 1->. t "" .J .,.,... /" " """ .J;;.^ ':--" ? I 1 '" I <<- /,;7' '" "- it " . ^ y :;',"" {>, ;: $I' ,Ø " , / . J 1 } .. * r ". d 4 J: " . 4- 1 ", f -'! ' ,. . ,1- , <' Jt '" \... ' ,: " tJ: :1 ' " N ".;...;...r:..... :': $;" <^ , \f\ "'^ , . i " 4 "M, ". <^ ..# it- ' ^ ,þ,. " , '" ,,'f( ;;'7 .... \ ., """ - ..r '" '" '" '" ,.;;.. <> \. , ": :... . . },' fl -41' "But I'm the guest on the post-game show 'Kiner's Corner.' "